(MENAFN- Arab Times) Kuwait stocks staged a modest rebound on Tuesday, stemming the 7-day plunge which wiped 466 pts off the main index triggered by massive sell-off in global markets and falling crude oil prices. The bourse climbed 19.18 pts in volatile trade to 5834.78 pts even as the banks remained mostly muted.
The KSX 15 benchmark edged 1.06 pts up to 930.45 pts after suffering heavy losses in last three sessions while weighted index inched 0.29 pts higher. The volume turnover meanwhile swelled past the 200 million mark helped by spurt in bargain buying. 239.45 million shares changed hands - down 27 percent from Monday.
The sectors closed mixed. Real estate outshone the rest with 1.32 pct gain whereas oil and gas shed over 1 percent, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 37.97 pct while real estate came next with 29.62 percent. Industrials trailed behind with 13.36 pct contribution.
Among the notable movers, Kuwait Finance House rose 10 fils on back of 4.9 million shares recouping the drop on Monday while Burgan Bank was up 5 fils at KD 0.400. Kuwait Food Co (Americana) extended its downward spiral with 100 fils tumble and ended at KD 2.260.
Bourse heavyweight Zain rose 5 fils to KD 0.380 on back of 2.54 million shares whereas Wataniya Telecom (Ooredoo) held the ground unchanged at KD 1.160. Kuwait Telecommunications Co (VIVA) dropped 10 fils to KD 0.820 whereas telecom major climbed 10 fils to KD 0.590.
Investment conglomerate KIPCO slid 30 fils to KD 0.610 while Kuwait Financial Centre clipped 2 fils. The company has posted a first half net profit of KD 3.73 million and earnings per share 87 fils as against a net profit of KD 3.025 million and earnings per share of 6 fils in the same period of 2014.
The market opened weak but rose sharply in early trade. The key gauge peaked at 5838.7 points amid bargain buying in select counters but failed to hold on to the gains. It retreated thereafter to plumb the day's lowest level of 5765.61 pts before bouncing back in the second half and closed with modest gains.
Top gainer of the day, Investors Holding Group vaulted 10.64 percent to 26 fils while Zimah Holding Co climbed over 9 percent to stand next. Ikarus Holding slid 6.56 pct, the steepest decliner of the day and Gulf Finance House topped the volume with 25.8 million shares.
Reflecting the day's upswing, the winners outnumbered the losers. 54 stocks advanced whereas 34 closed lower. Of the 127 counters active on Tuesday, 39 closed flat. 5392 deals worth KD 20.97 million were transacted € a 10.49 pct fall in value from the day before.
Gulf Cable was flat at KD 0.480 whereas National Industries Group dialed up 2 fils. The company has logged a first half net profit of KD 9.37 million and earnings per share of 7.1 fils as compared to net profit of over KD 8 million and earnings per share of 6 fils in the same period last year.
Eased
Jazeera Airways fell 5 fils to KD 0.450 and ALAFCO eased 2 fils to KD 0.220 . Zima Holding and Al Rai Media Group added 10 fils each while Mezzan Holding shed 20 fils to settle at KD 1.000.
Kuwait Gulf Link Transport Co inched 0.5 fils higher and KGL Logistics Company took in 1 fils. The company has posted a net profit of KD 3.49 million and earnings per share of 5.82 fils in the first half of 2015.
Kuwait Portland Cement shed 20 fils while Kuwait Foundry Co and Shuaiba Industrial Co were down 6 fils and 5 fils respectively. Boubyan Petrochemicals Co climbed 10 fils whereas ACICO Industries Co closed flat.
Equipment Holding Co inched 1 fils up on back of over 1 million shares whereas Qurain Petrochemical Industries Co gave up 2 fils to settle at KD 0.180. Salbookh Trading Co nudged 2 fils up and Ikarus Petroleum Industries pulled 8 fils lower.
Independent Petroleum Group Co retreated 10 fils while Humansoft Holding Co paused at KD 0.990. Nafais Holding rose 4 fils on back of 1.6 million shares and PAPCO closed 6 fils higher. The Energy House however was steady at 55 fils.
In the banking sector, National Bank of Kuwait was unchanged at KD 0.800 and Gulf Bank followed suit to end at KD 0.270. The bank has won the approval of Central Bank of Kuwait to extend permission to buy back or sell up to 10 pct of own shares over an additional period of 6 months ending April 14, 2016.
Commercial Bank of Kuwait stagnated at KD 0.550 and Ahli United Bank too did not budge from its earlier close of KD 0.530. Kuwait International Bank was steady at KD 0.232 and Boubyan Bank followed suit. Al Ahli Bank was not traded during the session.
National Investment Co dialed up 2 fils while Securities House Co and Bayan Investment inched 1 fils up each. Noor Financial Investment slipped 3 fils. Mabanee Co rose 10 fils whereas National Real Estate Co closed 3 fils in red.
The bourse has been markedly negative so far during the week and has tumbled a whopping 217 pts in the last three sessions . It has tanked 417 points from start of the month and is trading 10.75 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Ikarus Petrolem Industries Co. has recorded a net profit of over KD 4 million and earnings per share of 5.13 fils in the six-month period ending June 30, 2015 as compared to net profit of KD 8.83 million and earnings per share of 11.30 fils in the 2014, H1.
Gulf Cement Company has posted a net profit of KD 2.45 million and earnings per share of 0.003 fils in the first half of 2015, down from KD 3.36 million net profit and earnings per share of 0.004 fils in the same period last year.
Al Dar National Real Estate Co has incurred a net loss of KD 132,850 and loss per share of 0.32 fils in the six-month period ending June 30, 2015 as against net profit of KD 761,352 and earnings per share of 1.85 fils in the same period of 2014.
Metal and Recycling Co has incurred a net loss of KD 126,449 and losses per share of 2.48 fils in the January-June period of 2015 as compared to net profit of KD 615,409 and earnings per share of 6.76 fils in 2104, H1.
Kuwait National Cinema Company has clocked a net profit of KD 5.98 million and earnings per share of 62.65 fils in the six-months period ending June 30,215 as against net profit of KD 5.10 million and earnings per share of 51.48 fils in the first half of 2014.
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